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Challenges for Central Banks in an Enlarged EMU by Klaus Liebscher (auth.), Univ.-Prof. Dr. Fritz Breuss,

By Klaus Liebscher (auth.), Univ.-Prof. Dr. Fritz Breuss, Univ.-Doz. Mag. Dr. Eduard Hochreiter (eds.)

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As follows from Table 1, a number of countries currently have a currency board. A currency board can be considered as the most credible form of a fixed exchange rate regime as the own currency is convertible against a fixed exchange rate with some other currency(ies), which is codified, be it in a law or otherwise. The anchor currency is generally chosen for its expected stability and international acceptability. There is, as a rule, no independent monetary policy as the monetary base is backed by foreign reserves.

A parallel development could be observed in the field of foreign direct investment (FDI). 2 These shifts in the direction of foreign trade and investment have also helped the Austrian economy during the general economic slowdown of the last years, since the weakness of both internal demand and German demand was partly counterbalanced by the strong exports to the Central and Eastern European countries. The increasing integration with the accession countries could, however, make it more difficult to predict future developments, in particular since the countries have both wider output fluctuations and less synchronised business cycles than most of the current EU members (see Suppel (2003)).

Consumer goods price ratio Russia) Based on model Panel of 19 for relative price transition of tradable goods countries Panel of transition countries Germany Czech Rep. , Hungary, Poland, Slovakia and Slovenia Czech Rep. 903 depending on time period and data. 903. 059. 88 1995-2000 a) First column shows results using GDP deflator, second column shows results with CPI. b) Under the assumption that there are no productivity-inflation differentials between tradable and non-tradable goods in the main trading partners, which seems unrealistic.

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